Mainland commercial lender Harbin Bank Co. has raised US$1.1 billion from a low-end pricing of its initial public offering, the Wall Street Journal reported Tuesday, citing people familiar with the matter. The bank sold 3.02 billion shares at HK$2.90 each (US$0.37), the people said, representing about 0.86 times its 2014 forecast book value, according to the report. The indicative price range was HK$2.89-HK$3.33, the report said. The listing attracted a low-end price despite Harbin Bank securing pledges from seven cornerstone investors to buy 46 percent of the IPO, it said.
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